Arrow Financial Co. (NASDAQ:AROW) Short Interest Down 8.0% in September

Arrow Financial Co. (NASDAQ:AROW) saw a significant decline in short interest during the month of September. As of September 15th, there was short interest totalling 190,600 shares, a decline of 8.0% from the August 31st total of 207,100 shares. Based on an average trading volume of 46,600 shares, the days-to-cover ratio is currently 4.1 days.

Arrow Financial Trading Up 1.3 %

NASDAQ AROW opened at $28.66 on Tuesday. The company has a 50-day moving average of $29.21 and a 200-day moving average of $26.25. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.92 and a quick ratio of 0.92. Arrow Financial has a 12 month low of $16.70 and a 12 month high of $32.92. The company has a market cap of $478.56 million, a P/E ratio of 16.66 and a beta of 0.73.

Arrow Financial (NASDAQ:AROW) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter. Arrow Financial had a return on equity of 8.46% and a net margin of 14.94%. The business had revenue of $55.83 million during the quarter.

Arrow Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 12th were paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date was Monday, August 12th. Arrow Financial’s payout ratio is 62.79%.

Insider Buying and Selling

In related news, Director Raymond F. O’conor sold 2,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $28.13, for a total value of $56,260.00. Following the completion of the sale, the director now directly owns 45,176 shares of the company’s stock, valued at approximately $1,270,800.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.55% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Arrow Financial Corp grew its holdings in Arrow Financial by 6.6% in the 2nd quarter. Arrow Financial Corp now owns 1,946,595 shares of the financial services provider’s stock worth $50,709,000 after buying an additional 119,715 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Arrow Financial by 13.7% in the 2nd quarter. American Century Companies Inc. now owns 266,651 shares of the financial services provider’s stock worth $6,946,000 after acquiring an additional 32,158 shares during the period. Dimensional Fund Advisors LP raised its holdings in Arrow Financial by 4.7% during the second quarter. Dimensional Fund Advisors LP now owns 700,253 shares of the financial services provider’s stock worth $18,241,000 after purchasing an additional 31,268 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Arrow Financial by 12.0% in the second quarter. Bank of New York Mellon Corp now owns 129,326 shares of the financial services provider’s stock worth $3,369,000 after purchasing an additional 13,829 shares during the period. Finally, Vanguard Group Inc. lifted its position in Arrow Financial by 1.4% in the first quarter. Vanguard Group Inc. now owns 795,274 shares of the financial services provider’s stock worth $19,898,000 after purchasing an additional 10,636 shares during the period. Institutional investors own 46.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on AROW. StockNews.com upgraded Arrow Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, July 30th. Hovde Group started coverage on Arrow Financial in a report on Monday, September 9th. They set a “market perform” rating and a $31.00 target price on the stock.

Arrow Financial Company Profile

Arrow Financial Corporation, a bank holding company, provides commercial and consumer banking, and financial products and services. The company's deposit products include demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other time deposits. Its lending activities comprise commercial loans, such as term loans, time notes, and lines of credit; and commercial real estate loans to finance real estate purchases, refinancing, expansions, and enhancement to commercial properties, as well as commercial construction and land development loans to finance projects.